Aldrin Resource Corp. (TSXV:ALN) announced a non-brokered private placement of $1 million, consisting of up to 10,000,000 units at a price of $0.10 per unit. The Company also announced an agreement to purchase 100% interest in the Virgin Uranium Property in the Athabasca Basin.
As quoted in the press release:
Each unit will be comprised of one common share and one warrant. Each whole warrant will entitle the holder to purchase an additional common share of Aldrin at $0.20 for one year from the date of closing. Aldrin will pay a cash commission of eight (8%) percent of proceeds raised and broker’s warrants equal to eight (8%) percent of the number of units placed by each agent.
Aldrin is also pleased to announce an agreement to purchase 100% interest in the Virgin Uranium Property, a high-priority exploration property covering 49,275 hectares on the south-central margin of the Athabasca Basin. The Virgin Uranium Property comprises 3 separate contiguous claims blocks within and proximal to the southern margin of the Athabasca Basin, located between 6 and 30 kms from Cameco’s Centennial deposit. The Virgin Uranium Property claim block located within the Athabasca Basin is adjacent to Cameco’s Centennial deposit property and the other claims blocks are located proximal to the Virgin River shear zone.
Aldrin’s agreement includes a $75,000 signing payment, and provision of 5,000,000 common shares to the property owners Michael Lederhouse, Timothy Young, Matthew Mason, Dan Studer, upon acceptance of this agreement by the TSX Venture Exchange. The property owners retain a 3% Net Smelter Return (“NSR”) on all production from the property, or a 3% Gross Overriding Royalty (“GORR”) in regards to diamonds.